COVID-19 and the Global Construction Business
As Governments, Media and Industries struggle to evaluate the potential consequences of COVID-19 for Economies, both national and global, European International Contractors (EIC) will collect information regarding the construction business. Their findings will be published on the www.eic-federation.eu website.
Impacts of the Coronavirus on the Global Economy
The coronavirus (COVID-19) outbreak is causing major economic disruption with more severe impacts expected than what had to be dealt with after the global financial crisis in 2007–08, as it hits households, businesses, financial institutions and markets at the same time. Countries with a high degree of openness, less fiscal capacities and a strong dependency on heavily affected sectors, e.g. tourism, might suffer the most.
The economic drawbacks caused by the virus will impact many parts of the world. Imminent insolvency of stakeholders along entire supply chains cannot be excluded. This situation is cause for anxiety, uncertainty and turmoil across all sectors.
Impacts on the Global Construction Business
The impacts of the virus on the global construction business might prove to be detrimental. Contractors are at the forefront as they are service and product providers at the same time. Covid-19 affects both material and labour, key cost components of construction projects, and by doing so, challenge on-going project delivery, companies’ liquidity and whole business models.
Read more at www.eic-federation.eu/covid-19-and-global-constructionThe News List
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